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Product / Company Performance

ConMed Reports 3Q18 Orthopaedic Revenue of $102.9MM, +4.4% vs. 3Q17 -

By Mike Evers, ORTHOWORLD

 

ConMed reported 3Q18 orthopaedic revenue of $102.9MM, +4.4% vs. 3Q17. While the third quarter of 2017 presented an easier comparison due to hurricane-related disruptions, orthopaedic performance was also driven by new products like the Hall MicroFree cordless power handpiece, ExoShape soft tissue fasteners and longer probes for hip arthroscopy with the Edge Bipolar Arthroscopic RF System.

Per President and CEO Curt Hartman, “[N]ew products have gotten into the hands of our salesforce, allowing them to get on offense. It’s just the combination of the work that’s been occurring over the last several years to get us in a position to be on offense and start winning again with customers and showing them that we’re investing.”

The comparison in the fourth quarter becomes more difficult, and leadership noted that they would not be surprised to see a nominal dip in growth rate. Still, ConMed raised its 2018 guidance and expects total revenue growth, including non-ortho, between 6.5% and 7%. ORTHOWORLD projects 2018 orthopaedic revenue of $446.4MM, +4.1% vs. 2017.

ConMed’s 3Q18 and YTD segment sales and growth on an as-reported basis are as follows.

  3Q18 3Q17 $ Change % Change
Arthroscopy / Soft Tissue Repair $102.9 $98.6 $4.3 4.4%

 

  YTD18 YTD17 $ Change % Change
Arthroscopy / Soft Tissue Repair $321.9 $308.0 $13.9 4.5%

 

ConMed’s orthopaedic revenue by geographic region is as follows.

Geographic Region 3Q18 3Q17 $ Change % Change
U.S. $39.57 $38.0 $1.5 4.0%
Ex-U.S. $63.36 $60.54 $2.8 4.7%
   EMEA $23.21 $22.6 $0.6 2.6%
   Asia Pacific $25.20 $22.8 $2.4 10.7%
   Rest of World $14.95 $15.1 -$0.2 -1.3%
Total  $102.9 $98.6 $4.3 4.4%

 

Net earnings for 3Q18 are as follows, including all ConMed revenue.

3Q18 Amount ($MM) % of Sales
Sales $202.3  
   Cost of Sales -$91.7 45.3%
   Administrative -$85.0 42.0%
   R&D -$14.1 7.0%
   Other -$5.7 2.8%
Net Earnings $5.8 2.9%

 

Sources: ConMed; ORTHOWORLD estimates. All revenue figures presented in USD $MM.

Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.

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